How An Accountant Can Solve Problems Through Creative Solutions | Allen Schiff CPA

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Al Capone was a notorious mobster and crime boss who committed countless crimes either himself or through his organization. However, the crime that finally got him caught and sent to prison wasn’t related to his gangster reputation. Ultimately, Capone was arrested and convicted for income tax evasion. The man who had a seven year reign as crime boss of Chicago ended up being taken down by a team of accountants. 

Maryland Dental CPA

While this story may not have much to do with dentistry, it is a testament to just how important accountants can be to any field. More than just the people who help you with your taxes, accountants are trained to understand businesses and create solutions that others may not think of. Here are just a few of the ways accountants can solve problems for your practice find success.

Understanding Dentistry:

While an accountant of any type may be able to be helpful to your practice, a dental CPA fully understands all the ins and outs of dentistry and is able to use that knowledge to help you. Dental accountants are uniquely qualified to assist you because they understand your issues in the larger context of dentistry and can examine an issue from every relevant angle. They know the business and therefore have a better grasp on will be the right solution for you. 

Big Picture Thinking:

Accountants are known for their analytical minds. When it comes to solving a financial problem in your practice, a new perspective that considers all the widespread consequences may be exactly what your practice needs. This capacity for lateral thinking is one of the reasons why dental accountants are able to make such significant contributions to your practice success.

Creativity:

Difficult problems require creative solutions. While accountants aren’t always respected for their originality, you may be surprised to know that their line of work takes quite a bit more creative flexibility than most believe. Combining their knowledge of the dental field with the ability to bring a unique approach allows dental accountants to come up with innovative solutions that work to meet and exceed your practice’s financial goals.  

While it’s better to have an accountant before trouble arises, we are here to help you no matter your circumstances. If you’re facing a problem that requires a special touch, contact our Dental CPA Baltimore team of professional dental accountants today and find the solution for success you’ve been looking for.

5 Qualities Your Next Accountant Should Have | 21204 dental CPA

Allen Schiff CPA

The easiest way to gage how well your practice is doing is to hire a professional dental accountant. However, not all accountants are the same, and you should know what you’re looking for before you trust your business to anyone. As you research your options, make sure your next accountant has these five qualities.

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Informed

It may seem like a no brainer, but your accountant should be an expert in bookkeeping and accounting specific to the dental industry. Make sure they know the best options for dentists and stay on top of practice related financial details and information. 

Organized

If you’ve tried to do your accounting yourself, you know just how quickly it can turn messy. Hire an accountant that knows how to clean up the mess and keep it that way. Not only will this allow you to reach your goals faster, but it was also help ensure your business is both efficient and compliant. 

Credible

Trust is one of the most important factors when deciding on an accountant. You are often putting your practice, your financials and your life in their hands. In this case, reputation means everything. Find out everything you can about the company and accountant before signing anything. Consider contacting professional references for testimonies.

Responsible

The devil is in the details, and one mistake could cost your practice dearly. Discuss the ways that your accountant would avoid mistakes and stay familiar with your financials. You spend a lot of time familiarizing yourself with your patients, an accountant needs to do the same with your practice. 

Dedicated to You 

The top dental accountants understand that customer service is paramount. Your accountant should go above and beyond to help your practice become successful. Our team knows this to be the case, and gives each of our clients the respect and dedication they deserve. Contact our Towson MD Dental CPA office today and see how a great accountant can help you.  

Top Three Tips for a Profitable Dental Practice | 21204 Dental CPA

Best Dental Accountant

Part of what makes being a dentist so exciting and fulfilling is establishing your own practice. Dentists can work on their own or in a partnership setting. In either case, though, they’re at the top of their business. Being the CEO of a small business comes with responsibilities outside of the appointment rooms. Dentists need to invest time making sure their practices are profitable. This means having a grasp of things like overhead, revenue, and marketing strategies. Here are some of the most important tips to help dental practices become more profitable. 

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Analyze Your Expenses

This should be the first priority for any practice focused on widening profit margins. Dentists should produce a detailed list of their monthly expenses. This includes equipment, supplies, employee salaries, liability insurance, and rental costs or property taxes. Carefully scrutinize this list for anything that’s not strictly necessary, or that your practice spends an excessive amount on. You may be able to reduce your overhead by cutting down on specific supplies, finding savvy ways to limit your insurance payments, or even writing off more expenses to reduce your taxes. There are myriad routes to pulling down your overhead. They all start with patiently poring over your expenses. Having a certified dental accountant is a great way to make sure this work is done accurately and effectively.  

Establish Growth Objectives 

Businesses without specific goals are often their own worst enemy. That’s because when you lack concrete objectives, you’re more likely to fall into a state of complacency with your company. It goes without saying, of course, that complacency leads to stagnation and lost profits. Dental practices that want to be as profitable as possible should map out where they want their business to be in three months, six months, a year, and five years. Have a clear sense of the number of patients you want to gain within each time frame, and start developing strategies that help get you there.

Master Online Marketing 

In 2019, the majority of people looking for a dentist in their area will use the internet to find one. In fact, statistics show that 90 percent of Americans use internet search engines to find local businesses. That includes dental practices. So how can dentists gain a foothold in these searches and put their practice’s website in front of as many eyes as possible? The answer is online marketing. More specifically, search engine optimization (SEO) marketing. SEO marketing has one simple, powerful objective: get a business’s website and content to rank as high on search engines as possible. In today’s marketplace, where Google, Bing, and Yahoo dominate the way we discover small businesses, this is a critical step in boosting profits.

For expert help in making your business as profitable as possible, contact our Dental Accountant in Baltimore office today. We know how to help your business generate all new levels of success.

Why a Dental CPA Is Your Most Valuable Asset | Best Dental CPA

Best CPA

Dental practices are businesses, and the dentists at the heart of them are CEOs. If you own a dental practice, or are one of several dentists in a partnership-based practice, you should be treating that practice like a business. That means looking for ways to grow revenue, trim overhead, maximize business deductions, and minimize your tax liability. A dental CPA can help dentistry firms achieve all these goals. Here’s how. 

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They’re Specialists

A dental CPA is more than just a generic accountant. Dental CPAs work exclusively with dentists and their practices. This means that they have specialized knowledge that other accountants lack. Dental CPAs have an insider’s grasp of the industry, including expenses, trends, and the best ways to lower a practice’s tax burden. They also understand what new equipment is delivering the best return on investment, and how to save money every year from the depreciation of assets unique to the dentistry field. 

They Can Analyze Your Firm’s Financial Health

The benefits of having a dental CPA go far beyond just getting an advantageous grip on your business’s taxes, though. They can also apply their financial acumen to your overall business model. An experienced dental CPA will be able to look at a practice’s financial reports and determine how it can reduce its expenses and increase profits. They’re trained to recognize financial oversights and areas of inefficiency specific to the dental industry.

Given just a few months to carefully analyze your practice’s finances, a dental CPA will be able to make insightful, actionable suggestions that make an immediate difference. 

Industry Benchmarks

Benchmarking is the practice of comparing a business’s performance metrics with both competitors and the highest standards in the industry. While a dentist in Ohio may have no idea how their practice compares with firms in California, Texas, or New York, a good dental CPA does. They’re thoroughly versed in the industry’s key performance indicators (KPIs). These include metrics like patient loads, profit margins, and the percentage of active patients that are currently under schedule. 

Dentists primarily focused on their patients and the scientific aspects of their profession may have never even considered evaluating their practices in these ways. But benchmarks and KPIs are powerful ways to frame and understand your business. Dental CPAs can leverage those tools better than anyone. Our office offers you expert guidance on all of these financial strategies and more. Contact our certified dental accountant in Towson MD today and learn more about the many ways a Dental CPA can help you.

MD Oral Surgery Practice seeking Associate – Signing Bonus Included

An outstanding position is now available for an Associate leading to Partnership in a highly successful, well respected 8 location, full scope surgical practice in the MD/DC/VA metro area. Our team is looking for a bright, ambitious, and caring individual. Our future partner must be proficient in all phases of our specialty including outpatient general anesthesia, dentoalveolar / implant surgery, TMJ, orthognathic and cosmetic surgeries. Board eligible/ certified a must. Highly Competitive salary, incentives, benefits and signing bonus included. Please send letter of interest and CV to: Ms. Petersen at mdmosa20850@gmail.com